The life sciences industry – pharmaceutical firms, biotech companies, and medical device companies – is in considerable transition.
Extensive government regulation, cost constraints, competition from generics, health care reform, and demand for low-cost products are challenging business leaders to develop effective strategies to take advantage of growth in emerging markets and through innovation.
In complex industries such as life sciences, the most successful companies will be the ones that leverage data to identify opportunities and mobilize their sales organizations to quickly meet the demand of new markets and technology. These dynamics require incentive compensation strategies that keep organizations clearly focused on their goals and continually drive the right behavior.
Xactly approaches incentive compensation as a means to drive overall organizational effectiveness by using an industry aligned approach, proven implementation methods and measurements. We create efficiency within organizations in three critical areas of incentive compensation: effective plan design, best in class incentive compensation administration and use of Big Data for optimization.
Specific to Life Sciences and Pharmaceuticals we are able to do this with:
- Incentive estimators show the field sales exactly where to put their efforts in a changing marketplace.
- Advanced analytics and Plan modeling help identify changing market conditions that are effective sales team behavior, and provide a way to respond with updated territories, contests, quotas and SPIFs.
- Robust data that provides insights into what best-in-class life sciences compensation looks like.
Other Successful Life Sciences and Pharmaceutical Industry Customers:
“From automation to visibility, analytics to Salesforce integration, Xactly Incent covered all our bases”